Anyone have experience with filing medical exemptions on taxes — The Bump
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Anyone have experience with filing medical exemptions on taxes

We are itemizing everything from this year on taxes. We have kept track of every mile, every hotel, every bill, co-pay and prescription we have payed this year to medical things for DD, and few occasions for me. We are planning on filing for the medical tax exemption and we have already far exceeded the requirements of 7.5% of your income. Now we are just wondering how it will effect (hopefully help) us on taxes. Has anyone else done this on their taxes or know anything about it? TIA
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Re: Anyone have experience with filing medical exemptions on taxes

  • I've done it for the last 6 years (I was re-diagnosed with chronic cancer) and of course like any deduction it will depend on how much you have once you deduct that 7.5%.  In our case we usually had roughly 4-5K left over so if you look at 5K and prior to all of our deduction we're about the 31% then 5K x32%=$1,550.  Also with all of our deductions, house, kids, medical last year our taxable income was roughly 6KBig Smile
  • We have a CPA do our taxes.  I give him a total for medical expenses and a total mileage amount he takes care of the rest.  I have reciepts for everything if for some reason we would need to prove it but I'm not too concerned. 

    Jenna
    Mommy to Logan 7/18/11
    Mommy to Jake 03/06/08 (Congenital Hydrocephalus and Epilepsy)
    Wife to Mike 09/02/05

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  • image momtojake:

    We have a CPA do our taxes.  I give him a total for medical expenses and a total mileage amount he takes care of the rest.  I have reciepts for everything if for some reason we would need to prove it but I'm not too concerned. 

    We are not having a CPA do ours, and were not to worried about if we were to get audited. I have kept a portfolio the entire year of everything we have done step by step. I have every original receipt's for everything we are claiming, and even map quest print outs to verify mileage to hospitals, specialist, and doctors appts. We are just wondering if this usually ends up being a big help as in a couple thousand more back or just a little help. We are at about 26% right now that's with the 7.5% already subtracted. 

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  • I must say that auntie is right, as we got audited for the first time for the past two years, when we claimed medical expenses over the 7.5% last year. So, do be prepared for that. As far as how much, we probably claimed about 2.5% after the 7.5 percent subtracted, and we also had fsa monies that could not be claimed. I don't remember the exact amount ($500 comes to mind?) we got back for that specific claim, but I do remember being extremely dissapointed.
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